Monday, June 23, 2025
Home Uncategorized CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

The Central Bank of Nigeria has lifted the limits placed on domiciliary accounts.

A statement by the CBN titled ‘CBN issues further guidance on operational changes to foreign exchange market’ on Sunday says the new regulation allows account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

In specific terms, the CBN says ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $ 10,000 per day or its equivalent via telegraphic transfer.

In May 2021 banks had started placing new limits on transfers that domiciliary accounts holders could make from cash lodgements. A circular from one of the banks obtained by The PUNCH in 2021 stated, “The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

However, the CBN placed a cap on this limit following a Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.

RELATED ARTICLES

NIES 2025: NNPC LTD LEADING THE CHARGE TOWARDS AFRICA’S GAS INFRASTRUCTURE EXPANSION—KYARI .

. The Group Chief Executive Officer of NNPC Ltd, Mele Kyari says,  the world recognizes Africa as the next destination of providing greater support to...

WARNS OFFICERS AGAINST GROSS VIOLATION OF RIGHTS, POLICE MISCONDUCT.

The Inspector-General of Police Kayode Egbetokun has issued a stern warning to all officers regarding serious breaches of Human Rights, emphasizing the duty of...

NNPC Ltd/First E&P JV ACHIEVES 96% REDUCTION IN ROUTINE GAS FLARING

The NNPC Ltd and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) says it  has achieved 96% reduction in routine...

Most Popular

GENERAL NAFIU COUNSELS CORPS MEMBERS ON SAVINGS, INVESTMENT, PEACEFUL CO-EXISTENCE

  The Director General of National Youth Service Corps, Brigadier General Olakunle Nafiu has advised Corps Members to be prudent in their spendings and also...

BOI UNVEILS SUSTAINABLE FINANCE FRAMEWORK FOR INCLUSIVE GROWTH.

The Bank of Industry has announced the launch of its Sustainable Finance Framework to drive inclusive and climate-resilient growth in Nigeria. In a statement the...

ECONOMIC GROWTH: FINANCE MINISTER ASSURES ON INCREASED INVESTMENT.

  The Honorable Minister of Finance and coordinating minister of the economy Wale Edun says the ministry is at its third phase to achieve a...

GLOBAL OIL PRICE MAY SURGE PAST $150 PER BARREL AS IRAN’S PARLIAMENT APPROVES CLOSURE OF STRAIT OF HORMUZ .

  Iran’s parliament has approved the closure of the strategically crucial Strait of Hormuz, a vital waterway for global oil shipments, in a significant escalation...

Recent Comments